GSWO vs IMFL: Grades, Fees and Holdings Compared

Goldman Sachs ActiveBeta World Equity ETF

GSWOACboe

Invesco International Developed Dynamic Multifactor ETF

IMFLCCboe

Overlap

18.3%by weight

Expense ratio

GSWO −0.19pt a year

GSWO0.15%IMFL0.34%

Avg volume · 30D

IMFL 1.1×the volume

GSWO64KIMFL68.4K

GSWO vs IMFL Performance

Jul 31, 2026 – Oct 30, 2026

+0.5%GSWO−0.9%IMFL

Expense ratio: GSWO 0.15%, better; IMFL 0.34%
Fund size: GSWO $1.79B; IMFL $1.1B
1Y total return: GSWO No data; IMFL +21.0%
Yield (12M): GSWO 1.46%; IMFL 3.44%, better
Holdings: GSWO 751; IMFL 1159
Avg volume (30D): GSWO 64K sh; IMFL 68.4K sh, better
NAV per share: GSWO $64.95; IMFL $33.41
52W range

ETF.net Grade

Pillar letters and Scores for GSWO, IMFL, with each pillar’s weight
Pillar	GSWO	IMFL
Cost30% weight	A98Higher	C50
Mission25% weight	Not scored	Not scored
Risk15% weight	B67Higher	D38
Tradability15% weight	A86Higher	C47
Holdings10% weight	F22	C45Higher
Durability5% weight	B62Higher	B60

Rank among International Multifactor funds

How we build Categories ›

Same Category. GSWO and IMFL are both graded against the same 30 International Multifactor funds, so their Grades compare head to head.

International Multifactor⁠

Category · 30 funds

See all 30 ›

GSWO ranks 3rd and IMFL 19th of 30 funds in the International Multifactor Category.

Rank 1AINTFiShares International Equity Factor ETFScore 79
Rank 2ADFAIDimensional International Core Equity Market ETFScore 77
Rank 3AGSWOGoldman Sachs ActiveBeta World Equity ETFScore 76
Rank 4AFDEVFidelity International Multifactor ETFScore 73
Rank 16CUIVMVictoryShares International Value Momentum ETFScore 47
Rank 19CIMFLInvesco International Developed Dynamic Multifactor ETFScore 46
Rank 20CJHMDJohn Hancock Multifactor Developed International ETFScore 45

Our read on each fund

ETF.net Research

GSWOAGoldman Sachs ActiveBeta World Equity ETF

IMFLCInvesco International Developed Dynamic Multifactor ETF

In short

GSWO Four factor tilts (value, momentum, quality, low volatility) on developed markets outside the US, for 15 basis points. Goldman's ActiveBeta rules at a price closer to an index fund than an active one.

IMFL Most international factor funds pick a factor mix and leave it alone. IMFL re-weights monthly, letting Invesco's regime model read where the economy sits in its cycle and shift the tilt across value, momentum, quality, low volatility and size.

Stated mandate

GSWO The fund is an ActiveBeta World Equity ETF designed to track an ActiveBeta Index and provide exposure to value, momentum, quality, and low-volatility characteristics.

IMFL The Fund is based on the FTSE Developed ex US Invesco Dynamic Multifactor Index and invests at least 80% of its total assets in securities included in that Index.

Why people hold it

GSWO 0.15% a year against a 0.69% median for its global active-equity peers, and cheaper than fellow top-graded names DFAW (0.24%) and AVGE (0.25%).
Value, momentum, quality and low volatility come from one published ActiveBeta index methodology, not a manager's discretionary call.gsam.com
Stands among the strongest implementations in its global equity peer group: a multi-billion-dollar fund in the standard 1940 Act ETF wrapper that pays quarterly.

IMFL The rotation is rules-based, not a hunch: the index rebalances monthly on Invesco's Regime Model, built from readings like manufacturing and consumer sentiment, monetary conditions, housing and labor data.invesco.com etfstrategy.com
A 0.34% expense ratio sits under the typical fee in its international multifactor group, which is unusual for a strategy with an active-style overlay running on top of the index.
Wide, not concentrated: roughly 900 developed-market stocks outside the US, drawn from the FTSE Developed ex US universe, with at least 80% of assets in index names.
A multi-billion-dollar fund that trades with reasonable regularity, and it pays distributions quarterly.

Worth knowing

GSWO Despite the "World" name, the reference index is MSCI World ex USA, so US stocks sit outside the mandate.
Launched in 2022, so the live record is short, and factor blends can trail plain cap-weighted benchmarks for long stretches.
Four factors in one basket can pull against each other; the net tilt is milder than a single-factor fund.

IMFL The regime call is a judgment layer. When the model reads the cycle differently than markets do, IMFL can drift well away from a plain developed ex-US index in either direction.invesco.com
Static factor blends in the same group cost less, notably INTF at 0.16% and FDEV at 0.18%. The rotation machinery is what you are paying the difference for.
Monthly reweighting means more portfolio turnover than a once-a-year rebalance, and the index is measured on a net-return basis, after foreign withholding taxes.invesco.com

Full GSWO profile⁠

Full IMFL profile⁠

GSWO vs IMFL Holdings

How GSWO and IMFL differ

Overlap by weight

18.3%

Shared holdings make up 54.1% of IMFL and 24.2% of GSWO.

Level by level

Holdings334 in both18.3%
Countryby domicile31.0%
Asset classEquity100%

Sector

No Sector split for GSWO.

Country, concentration and asset class

Country by domicile

Country weights in GSWO and IMFL, widest gap first
Country	More in GSWOMore in IMFL	GSWO	IMFL
United States	GSWO +68.5 points	69.3%	0.8%
South Korea	IMFL +10.0 points	0.0%	10.0%
Japan	IMFL +9.5 points	8.5%	18.0%
Switzerland	IMFL +9.0 points	2.5%	11.5%
United Kingdom	IMFL +8.0 points	3.1%	11.1%
France	IMFL +6.8 points	1.4%	8.2%
Australia	IMFL +5.5 points	1.8%	7.3%
Sweden	IMFL +3.6 points	0.7%	4.3%
Other countries (23)	IMFL +16.0 points	12.8%	28.8%

Outside the US: GSWO 95% developed, 5% emerging. IMFL 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

GSWO27.5%
IMFL20.8%

Securities held

GSWO740
IMFL1,154

Asset class

GSWO: Equity
IMFL: Equity

Holdings

Only in GSWO406
In both334
Only in IMFL820

Only in GSWO

406 securities, 75.5% of GSWO by weight

NVIDIA Corporation5.65%
Apple Inc.5.62%
Microsoft Corporation4.24%
Amazon.com Inc2.60%
Alphabet Inc.1.85%
Broadcom Inc.1.76%
Alphabet Inc.1.60%
Meta Platforms Inc-Class A1.52%
Eli Lilly & Co1.35%
Tesla Inc.1.32%
Micron Technology, Inc.1.27%
JPMorgan Chase & Co1.02%
Advanced Micro Devices Inc.1.02%
Visa Inc.0.80%
Exxonmobil Holdings Corporation0.80%
Berkshire Hathaway Inc.0.77%
Johnson & Johnson0.74%
Walmart Inc0.66%
Mastercard Incorporated0.60%
AbbVie Inc.0.57%
Costco Wholesale Corporation0.50%
Cisco Systems, Inc.0.48%
Palantir Technologies Inc.0.46%
UnitedHealth Group Incorporated0.45%
Intel Corporation0.44%
Chevron Corporation0.44%
Lam Research Corporation0.41%
Coca-Cola Company (The)0.41%
Merck & Co., Inc.0.38%
Applied Materials Inc0.37%
The Home Depot, Inc.0.37%
The Procter & Gamble Company0.37%
Bank of America Corp0.36%
General Electric Company0.34%
Palo Alto Networks Inc.0.33%
Philip Morris Intl Inc0.32%
Caterpillar Inc (Delaware)0.32%
Kla Corp0.31%
Texas Instruments Inc.0.30%
Royal Bank of Canada0.29%
Wells Fargo & Company0.29%
Astrazeneca PLC Ord0.28%
Citigroup Inc.0.28%
Seagate Technology Holdin PLC0.28%
Rtx Corp0.27%
Toronto Dominion Bank0.27%
Ge Vernova Llc0.27%
Morgan Stanley0.26%
Netflix, Inc.0.26%
Intl Business Machines Corp0.25%

Only in IMFL

820 securities, 45.6% of IMFL by weight

Samsung Electronics Co Ltd4.41%
SK hynix Inc2.14%
AstraZeneca PLC1.10%
TotalEnergies SE1.09%
Samsung Electronics Co Ltd0.61%
Keyence Corp0.50%
Canadian Natural Resources Ltd0.48%
Suncor Energy Inc0.42%
Sampo Oyj0.39%
Investor AB0.36%
Canadian National Railway Co0.36%
Canadian Pacific Kansas City Ltd0.31%
Reckitt Benckiser Group PLC0.27%
Computershare Ltd0.26%
Intact Financial Corp0.26%
Atlas Copco AB0.26%
Nintendo Co Ltd0.25%
Holcim AG0.24%
Goodman Group0.24%
Barrick Mining Corp0.23%
Kia Corp0.23%
CSL Ltd0.23%
Ucb SA0.23%
Agnico Eagle Mines Ltd0.22%
Enbridge Inc0.22%
Glencore PLC0.22%
Waste Connections Inc0.21%
Fairfax Financial Holdings Ltd0.21%
Compass Group PLC0.21%
FANUC Corp0.20%
Medibank Pvt Ltd0.19%
SoftBank Corp0.19%
Ferrari NV0.19%
Dollarama Inc0.19%
Argenx SE0.18%
Teva Pharmaceutical Industries Ltd0.18%
Publicis Groupe SA0.18%
Japan Tobacco Inc0.18%
Industrivarden AB0.17%
Givaudan SA0.17%
Assa Abloy AB0.17%
Alcon AG0.17%
Secom Co Ltd0.16%
Basf SE0.16%
Royal Bank of Canada0.16%
Swisscom AG0.16%
Hyundai Mobis Co Ltd0.16%
Elbit Systems Ltd0.15%
Toronto-Dominion Bank/The0.15%
Legrand SA0.15%

Weight gaps

The 100 widest of 334 Holdings in both funds.

Holding weights in GSWO and IMFL, widest gap first
Holding	More in GSWOMore in IMFL	GSWO	IMFL
Novartis AG Shs	IMFL +2.07 points	0.34%	2.41%
Roche Holding AG	IMFL +1.84 points	0.39%	2.23%
Asml Holding N.v.	IMFL +1.75 points	0.75%	2.50%
Shell PLCSHEL.L	IMFL +1.41 points	0.28%	1.69%
Nestle S.a.	IMFL +1.39 points	0.20%	1.59%
Investor Aktiebolag	IMFL +1.26 points	0.10%	1.36%
Bhp Group Limited	IMFL +1.21 points	0.19%	1.40%
Sap SE	IMFL +0.82 points	0.18%	1.00%
Abb Ltd	IMFL +0.73 points	0.14%	0.87%
Schneider Electric	IMFL +0.72 points	0.10%	0.82%
Hitachi, Ltd.	IMFL +0.70 points	0.09%	0.79%
Air Liquide SA	IMFL +0.67 points	0.04%	0.71%
Safran SA	IMFL +0.63 points	0.06%	0.69%
Sanofi	IMFL +0.63 points	0.04%	0.67%
Unilever PLCULVR.L	IMFL +0.55 points	0.06%	0.61%
Sony Group Corporation	IMFL +0.49 points	0.11%	0.60%
Iberdrola Sociedad Anonima	IMFL +0.49 points	0.11%	0.60%
L'oreal	IMFL +0.47 points	0.14%	0.61%
Rio Tinto PLCRIO.L	IMFL +0.43 points	0.07%	0.50%
British American Tobacco OrdBATS.L	IMFL +0.42 points	0.09%	0.51%
Deutsche Telekom AG	IMFL +0.40 points	0.09%	0.49%
Shin-Etsu Chemical	IMFL +0.39 points	0.06%	0.45%
Novo Nordisk A/S	IMFL +0.37 points	0.13%	0.50%
3I Group PLCIII.L	IMFL +0.37 points	0.02%	0.39%
Gsk PLCGSK.L	IMFL +0.37 points	0.13%	0.50%
Enel Spa Eur 1	IMFL +0.33 points	0.07%	0.40%
Industria De Diseno Textil, S.a.	IMFL +0.32 points	0.16%	0.48%
Mitsubishi Elec Corp	IMFL +0.32 points	0.04%	0.36%
Airbus SE	IMFL +0.30 points	0.06%	0.36%
Bae Systems PLCBA.L	IMFL +0.30 points	0.04%	0.34%
Qbe Insurance Group Limited	IMFL +0.29 points	0.05%	0.34%
Swiss Re AG	IMFL +0.28 points	0.05%	0.33%
Wesfarmers Limited	IMFL +0.28 points	0.09%	0.37%
Lvmh Moet-Hennessy Louis	IMFL +0.28 points	0.08%	0.36%
Anheuser-Busch Inbev	IMFL +0.27 points	0.05%	0.32%
National Grid PLCNG.L	IMFL +0.27 points	0.04%	0.31%
Advantest Corp	GSWO +0.27 points	0.32%	0.05%
Toyota Motor Corporation	IMFL +0.26 points	0.13%	0.39%
Fast Retailing Co Ltd	IMFL +0.26 points	0.13%	0.39%
Zurich Insurance Group AG	IMFL +0.25 points	0.08%	0.33%
Vinci SA	IMFL +0.25 points	0.04%	0.29%
Relx PLCREL.L	IMFL +0.25 points	0.06%	0.31%
Kddi Corporation	IMFL +0.24 points	0.08%	0.32%
Siemens AG Reg Shs	IMFL +0.23 points	0.18%	0.41%
Bp PLCBP.L	IMFL +0.24 points	0.16%	0.40%
Tesco PLCTSCO.L	IMFL +0.23 points	0.07%	0.30%
Compagnie Financiere Richemont SA	IMFL +0.23 points	0.06%	0.29%
Woodside Energy Group Ltd	IMFL +0.23 points	0.04%	0.27%
Mitsubishi Corp.	IMFL +0.22 points	0.09%	0.31%
Hoya Corp	IMFL +0.22 points	0.15%	0.37%
Itochu Corporation	IMFL +0.21 points	0.05%	0.26%
Recruit Holdings Co., Ltd.	IMFL +0.21 points	0.33%	0.54%
Muenchener Rueckvers.ges.ag	IMFL +0.21 points	0.07%	0.28%
Tokio Marine Holdings, Inc.	IMFL +0.21 points	0.09%	0.30%
Bridgestone Corp	IMFL +0.20 points	0.04%	0.24%
Danone	IMFL +0.20 points	0.03%	0.23%
Fujitsu Limited	IMFL +0.20 points	0.04%	0.24%
Allianz SE	IMFL +0.19 points	0.17%	0.36%
Aia Group Limited	IMFL +0.19 points	0.08%	0.27%
Rio Tinto Limited	IMFL +0.18 points	0.03%	0.21%
Rolls-Royce Holdings PLCRR.L	IMFL +0.19 points	0.11%	0.30%
Woolworths Group Limited	IMFL +0.17 points	0.12%	0.29%
E.on SE	IMFL +0.16 points	0.02%	0.18%
Hong Kong Exchanges & Clear	IMFL +0.16 points	0.05%	0.21%
Koninklijke Ahold Delhaize NV	IMFL +0.16 points	0.11%	0.27%
Hermes International	IMFL +0.16 points	0.04%	0.20%
Engie	IMFL +0.15 points	0.04%	0.19%
Imperial Brands PLCIMB.L	IMFL +0.15 points	0.02%	0.17%
Mitsubishi Heavy Ind	IMFL +0.15 points	0.03%	0.18%
Sandvik Ab	IMFL +0.14 points	0.06%	0.20%
Sompo Holdings, Inc.	IMFL +0.14 points	0.10%	0.24%
Essilorluxottica	IMFL +0.13 points	0.04%	0.17%
Eni Ordinary Shares	IMFL +0.13 points	0.06%	0.19%
Otsuka Holdings Co., Ltd.	IMFL +0.12 points	0.10%	0.22%
Orange	IMFL +0.12 points	0.03%	0.15%
Kioxia Holdings Corporation	GSWO +0.12 points	0.13%	<0.01%
Sumitomo Corporation	IMFL +0.12 points	0.08%	0.20%
Equinor Asa	IMFL +0.12 points	0.10%	0.22%
Commonwealth Bank of Australia	IMFL +0.12 points	0.16%	0.28%
Rwe AG	IMFL +0.12 points	0.05%	0.17%
Singapore Exchange Ltd	IMFL +0.12 points	0.06%	0.18%
Galderma Group AG	IMFL +0.12 points	0.02%	0.14%
Axa	IMFL +0.12 points	0.08%	0.20%
Baycurrent, Inc.	GSWO +0.11 points	0.12%	0.01%
National Australia Bk -Ord	IMFL +0.10 points	0.04%	0.14%
Dhl Group	IMFL +0.11 points	0.18%	0.29%
Admiral Group PLCADM.L	IMFL +0.11 points	0.09%	0.20%
Sanrio Co Ltd	GSWO +0.10 points	0.11%	<0.01%
Zensho Holdings Co., Ltd.	GSWO +0.10 points	0.11%	<0.01%
Mitsubishi Ufj Financial Group	GSWO +0.11 points	0.22%	0.11%
Westpac Banking Corporation	IMFL +0.10 points	0.04%	0.14%
Food & Life Cos Ltd	GSWO +0.10 points	0.12%	0.02%
Orix Corporation	IMFL +0.11 points	0.05%	0.16%
Prysmian S.p.a.	IMFL +0.10 points	0.06%	0.16%
Dbs Group Holdings Ltd	IMFL +0.10 points	0.13%	0.23%
Als Limited	GSWO +0.10 points	0.14%	0.04%
Lpp Spolka Akcyjna	GSWO +0.10 points	0.11%	0.01%
Cochlear Limited	GSWO +0.10 points	0.12%	0.02%
Nec Corporation	IMFL +0.10 points	0.05%	0.15%
Compagnie Generale Des Etablissements Michelin	IMFL +0.10 points	0.06%	0.16%

All 741 GSWO holdings⁠All 1,154 IMFL holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

GSWO vs IMFL Cost

Overpaying IMFL vs GSWO

$3,795

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

GSWO 0.15%
$3,137
IMFL 0.34%
$6,932

Amount$10,000

Years30 years

Cost over time

GSWO 0.15%
IMFL 0.34%
Overpaying

Year by year

Year	GSWO	IMFL	Overpaying
10	$274	$616	$342
20	$1,071	$2,386	$1,315
30	$3,137	$6,932	$3,795

Expense ratio

0.15%GSWO, cheaper
0.34%IMFL

GSWO0.15%IMFL0.34%

0.15%0.80%

Middle half of International Multifactor funds
Median 0.34%

GSWO cheapest of 30 funds

IMFL 15th cheapest of 30 funds

GSWO vs IMFL Dividends

Last 12 months to Oct 30, 2026

Yield (12M): GSWO 1.46%; IMFL 3.44%, better
Payout (12M): GSWO $0.93; IMFL $1.15
Last payment: GSWO $0.20; IMFL $0.39
Ex-dividend: GSWO Sep 24, 2026; IMFL Sep 21, 2026
Paid on: GSWO Sep 30, 2026; IMFL Sep 25, 2026
Frequency: GSWO Quarterly; IMFL Quarterly

Distribution history

Per share, 2021 to 2026, same scale for both

GSWOQuarterly · 18 paymentsAll GSWO payments⁠

IMFLQuarterly · 22 paymentsAll IMFL payments⁠

GSWO vs IMFL Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: GSWO No dataIMFL 13.1%
Return per unit of riskSharpe ratio, 3 years: GSWO No dataIMFL 1.04
Worst fallMax drawdown, 5 years: GSWO No dataIMFL −31.5%
Market sensitivityBeta, 5 years: GSWO 0.75IMFL 0.86; Market = 1

Popular comparisons

GSWOAvsINTFA
Goldman Sachs ActiveBeta World Equity ETF · iShares International Equity Factor ETF
Expense ratio
0.15% · 0.16%
Category
IMFLCvsINTFA
Invesco International Developed Dynamic Multifactor ETF · iShares International Equity Factor ETF
Expense ratio
0.34% · 0.16%
Category
GSWOAvsDFAIA
Goldman Sachs ActiveBeta World Equity ETF · Dimensional International Core Equity Market ETF
Expense ratio
0.15% · 0.18%
Category
IMFLCvsDFAIA
Invesco International Developed Dynamic Multifactor ETF · Dimensional International Core Equity Market ETF
Expense ratio
0.34% · 0.18%
Category
GSWOAvsFDEVA
Goldman Sachs ActiveBeta World Equity ETF · Fidelity International Multifactor ETF
Expense ratio
0.15% · 0.18%
Category
IMFLCvsFDEVA
Invesco International Developed Dynamic Multifactor ETF · Fidelity International Multifactor ETF
Expense ratio
0.34% · 0.18%
Category